So with last week's release of the 1.3 patch, the level cap has increased to 60. With those of you using Jappi88's or kill_seth's editors, the cap is currently at 50. Here's how to change that. If you're totally newbie and don't know how to extract your save, read from the top down. If not, skip down past the parentheses.
What you need:
XBOX360 formatted USB drive (to transfer saves from console to PC)
A save extraction program (Modio, Horizon, etc., I'm writing this for Modio)
7-Zip or another similar program (not sure if WinZip works)
A hex editor
Be level 50 (using one of the above editors
(1. Extract save_# from your USB drive using your extractor of choice (explore device>File>Open/close drive>Content>long string of characters>Dead Island>Game Saves) and put it somewhere easily accessible. Keep this window open.
2. Open the extracted save (open a save), and extract that file into another folder (should be save_samenumberasabove). Keep this window open.
3. Using 7-Zip or something similar, open the 2nd extracted file and extract save_#~ into the same folder. Keep this window open.
4. Open save_#~ with your hex editor of choice.)
5. Hit Ctrl+H. The "replace" menu should pop up.
6. Make sure these Criteria are selected:
Type: Hex values
Find: 0032 (hex for 50)
Replace: 003C (hex for 60)
7. Hit OK to execute. Hit "replace all" once the next window pops up. You should have 3 different occurrence replaced.
8. Save and close out of your editor. Repack all the files back into your original save file (if you know how to do this, stop reading; if not, keep reading.)
9. Bring your 7-zip window back into focus and drag save_#~ back into it. Overwrite the file and close out.
10. Bring your save extractor window back into focus. Right-click, select Inject file into folder, navigate to your save_# file and overwrite. Close out of this window.
11. Finally, bring the original window back into focus, and drag the save_# file into it. Overwrite, close, and take your USB drive back.
If all went well, you should have your character at lvl60 with 10 extra skill points to spend. Happy gaming!